National Security Group At a Glance: Rates, Products and Reviews
National Security Group and its subsidiaries may be limited in their product offerings with only multi-year guaranteed annuities available, but they are a family of companies that prioritize Southern hospitality, offering retirement planning matched by a strong commitment to customer satisfaction.
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- Written by Lena Muhtadi Borrelli
- Edited By Jennifer Lobb
- Published: January 29, 2025
- Updated: January 30, 2025
- 4 min read time
- Founded in 1947, National Security Group is based in Alabama and includes a group of subsidiaries that offer annuities, insurance and property and casualty products.
- National Security Group financial products include multi-year guaranteed annuities that are available in Alabama, Florida, Georgia, Mississippi, South Carolina, Tennessee and Texas.
- National Security Group and its subsidiaries are limited in their ratings but still rate high for customer satisfaction with mixed ratings for financial stability.
Overview of National Security Group
National Security Group, Inc. was founded in 1947 in Elba, Alabama, where it still operates today. It maintains a strong customer-centric focus with approachable financial products, including annuities, that promote growth while providing market protection.
National Security Group represents a family of companies that include National Security Insurance Company and National Security Fire & Casualty Company. According to the National Association of Insurance Commissioners (NAIC), the National Security Insurance Company holds 0.0031% of market share with over $78 million in annual premiums.
Types of Annuities Offered
Multi-Year Guaranteed Annuities (MYGAs)
National Security Groups’ multi-year guaranteed annuity, or MYGA, is a single premium deferred fixed annuity that offers tax-deferred growth while protecting against market downturns. It carries a premium ranging from $25,000 to $1 million with an initial guaranteed period of three, four, five, six or seven years. However, availability is limited, with the annuity only available in Alabama, Florida, Georgia, Mississippi, South Carolina, Tennessee and Texas.
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Key Features and Benefits
National Security Group annuities include several features that make them attractive, including:
- Death benefit for the full contract value is included.
- Penalty-Free Partial Surrender enables account holders to withdraw the lesser of up to 10% of the annuity’s value or their IRS-determined required minimum distribution (RMD) amount, penalty-free after the first contract year.
- Free Look Period allows customers to cancel the policy with a full refund for a specific period. The free look period varies by state, ranging from 20 to 30 days.
Fees and Charges
National Security Group annuities have no upfront fees. A licensed financial advisor can provide further information regarding any associated costs one may incur over time.
Customer Service and Financial Stability
National Security Group lacks some ratings from major providers, but it receives excellent ratings for customer satisfaction.
Although it has no customer reviews, National Security Group has been accredited by the Better Business Bureau (BBB) since 2006 and holds an A+ rating. According to the NAIC, the National Security Insurance Company represents 0.0021% of market complaints, with just one complaint reported. That gives it a total customer complaint index of 0.65, which is well below the average 1.00 rating for annuity products.
Financial Strength
A company’s financial strength indicates how likely it is to meet its financial obligations, including annuity payments. There are four major rating agencies, with the National Security Group having received ratings from two:
- AM Best: B (Fair)
- Fitch Ratings: A-
National Security Group has not received ratings from S&P Global or Moody’s.
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Evaluating National Security Group Annuities
National Security Group offers a wide range of financial products, including annuities and multiple types of insurance. It is an established group that is smaller than many competitors but still maintains a personal touch with excellent customer satisfaction.
National Security Group annuities are limited to just multi-year guaranteed annuities. Still, its annuities are flexible with multiple terms, renewal options and extra features and protections, such as a penalty-free partial surrender option. However, annuity availability is limited to just a handful of states, significantly limiting who is eligible to enter into a contract.
Be sure to ask a financial advisor about National Security Group retirement planning for further details.
Editor Norah Layne contributed to this article.
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